If you’ve got some valuable business or personal assets you’d like to keep in your family (especially real-estate) then a family LLC might be right for you.
Rental property, family cabin, undeveloped acreage… all types of assets can be protected.
You didn’t save up money to invest in real estate so that an angry and litigious tenant could own part of it. You also have specific designs on how you’d like the real estate to be transferred to, owned by, and managed by, your children. Oh, and minimizing taxes would be nice too.
Well a little planning ahead with a family LLC can go a long way. This asset protection strategy can give you significant protection from creditors. It also gives you significant control over how the asset is managed, whether it can be given away, and even who gets to use it. Properly structured, it can also give you and your family significant tax advantages.
A family LLC usually is owned jointly by you and your children (even if they’re minors). The LLC, in turn, then owns the asset you’re trying to protect. This setup gives your assets significant protection from creditors and allows you to transfer ownership slowly to your children in a tax-advantaged manner. In setting everything up, you can also be very specific about how it is to be managed both now, and for years to come.
Sound like a family LLC is right for your asset protection strategy? Contact me today to get started.